Picton has said its net asset value has stabilised after successive quarters of decline.
In a quarterly update, the REIT said its assets were now valued at £541.9m, with a like-for-like fall of 0.7% from the previous quarter’s £547.6m.
Chair Lena Wilson said: “The modest reduction in NAV over the period confirms a trend observed in March that the rate of valuation decline in our portfolio has stabilised since December 2022. This is reflective of a number of factors, including the macroeconomic backdrop and the current level of investment activity across the UK real estate sector.”
NAV/EPRA NTA per share decreased by 1.1% to 99.4p, down from 100.4p in March.
The total return for the quarter of was -0.2%, up from the previous quarter’s -0.9%.
Picton took heart from modest positive valuation movements in the industrial, retail and leisure sectors.
Chief executive Michael Morris said: “It is encouraging to see that the portfolio valuation has stabilised relative to previous quarters, supported by positive movements in the industrial and retail sectors.”
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